September 15, 2011
Peter Schiff - Expect More Inflation, Printing & Higher Gold
King World News
With gold near the $1,800 level and silver close to $40, today King World News interviewed Peter Schiff, CEO of Europacific Capital. When asked about the action in gold Schiff stated, “It’s a consolidation, I’m looking for the next move higher. Governments are going to keep printing, so gold is going to keep rising. It’s had a significant move, so it has to finish consolidating before the next big move to the upside.”
Peter Schiff continues:
“The Fed is not out of bullets in the sense that it is not out of ink, they can keep printing. They can’t lower interest rates, but they can print more money and buy more stuff. That’s what the Fed is going to do, it’s not going to help the economy, but it’s going to help the price of gold.
It will stimulate the government, it will stimulate inflation. It will also prevent the things that need to be happening from happening. It interferes with the correction and postpones the pain and makes it worse. It’s all politicians know, they have a hammer and so everything is a nail and they keep on pounding it, but they don’t notice that it’s not working.
On the other side of the Atlantic, one way or another there is going to be a resolution to the European situation. Either the governments are going to have real cuts in government spending, accept austerity and the bailouts or they are going to default. They can either default and stay in the euro or they can default and leave the euro.
All of these situations drive demand for gold because all of the governments solve the problem the same way, by printing money. As the safe havens in the currency world continue to disappear, there is only one safe haven left standing and that’s gold because the politicians can’t print it.”
When asked about silver specifically Schiff replied, “Silver is still strong around the $40 level, there is still a lot of support there. Eventually that market will run out of sellers. I don’t know why anyone who owns silver would want to sell it, but eventually they will run out and the buyers will just keep coming.
More and more people around the world are waking up to the reality and they are discovering that there is no safety in any of the fiat currencies. Fiat currencies will just continue to lose purchasing power. There are a lot more people out there who don’t own any gold or silver that need to buy it, than there are people who already own it who want to sell it. So the price has to go up over time.”
Full story: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/9/16_Peter_Schiff_-_Expect_More_Inflation,_Printing_%26_Higher_Gold.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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